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to destroy. >> today the u.s. government filed charges against the agencies of standard & poor's for its role in the 2008 economic cries. s & p rates investments. when they give an investment a high rating it's considered a low risk. even the most conservative investors like pension funds feel confident buying that product. well the justice department allegeses that s & p knowingly gave high rates to toxic bad mortgages that s & p knew were risky because s & p wanted more business from the banks that createed those purposefully risky bad bundles. that's right. they said the agency, they're getting paid by the very banks they're evaluating. a little conflict of credit? >> s & p misled investors including federally insureed financial institutions causing them to lose billions of dollars. >> going after the credit rating agencies have been a long time in coming. they've called it code made alchemy. they've been doing it for three years and during that time s & p turned over 100 million pages of documents including e-mails between employees and some damaging information has come from those e-mail
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